What is Bitcoin?
Bitcoin is the perfect currency and payment system for our digital age. It is decentralized, open source, and highly secure, allowing you to shop online or send money around the world in just seconds— at a fraction of the cost of other payment systems. With Bitcoin, you don’t need a bank account, credit card or special technical knowledge. You can use it to spend, send or save, converting it easily to paper currency whenever you choose.
How Does It Work?
The creation of Bitcoin required a great deal of sophisticated computer engineering, but people can use it easily and conveniently with no technical skill. It works on a decentralized ledger known as a “blockchain,” which tracks every transaction in a public, verifiable manner through a computer process called “mining.” Users can buy bitcoins from multiple sources and store them in a digital “wallet,” which uses sophisticated encryption to store them securely.
How Secure Is It?
Bitcoin is designed to be both the most secure and the most open currency in history. Secure because its complex encryption makes it virtually impossible to be hacked if stored properly, and open because all transactions are noted on a public ledger (without revealing personal identities). In this way, fraud is minimized, privacy assured, and the network flourishes to the benefit of all users.
Since no government or other central authority operates Bitcoin, its benefits flow only to the users. Whether you’re a consumer buying items with Bitcoin or a merchant accepting it as payment for goods or services, Bitcoin provides an easy, low-cost way to conduct business. All parties benefit from reduced fees, and for people around the world with no banking or credit card relationships, Bitcoin can serve as a highly useful currency and payment system.
How to Get Started?
Entering the world of Bitcoin is getting easier all the time. Many companies now offer services that in a few minutes can get you signed up for your own wallet, ready to buy your first bitcoin and then start shopping at the hundreds of thousands of businesses now accepting it as currency. The same is true if you own a business and want to accept Bitcoin. Sign up today using a payment processor and remove all the risk and volatility!